At a CAGR of 11.1%, Intelligent Traffic Management Systems Market to Exceed $19.8 Billion During (2022-2030) | Polaris Market Research
According to a new study by Polaris Market Research, the global intelligent traffic management systems market size is expected to reach USD 19.8 billion by 2030.
The main problems for people living in urban areas due to rapid urbanization are transport congestion and administration. The increase in the number of vehicles, which has also increased the demand for intelligent transport systems compared to more conventional methods of managing the transport system, is one of the main factors contributing to the increase in congestion in the world. .
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On the other hand, infrastructure expansion can increase transport efficiency, but it is costly and time consuming. The consequences of increasing congestion costs in urban areas can be controlled with proper control and smart management. Therefore, intelligent transport control systems are significantly impacted by the development of new technologies and more efficient communication networks.
On the basis of components, the video wall industry segment is expected to grow at a significant rate owing to the increased usage of video walls in team-based command and control center environments that serve as a critical data hub as well as public authorities and utilities operating in the municipal, regional, state and federal levels, which, in turn, is expected to drive the demand for intelligent transportation systems.
Rapid improvements in data transmission, mobility, cloud, and sensors that incorporate IoT architecture are expected to accelerate the growth of the smart transportation market. However, a lack of standardization and uniformity in solutions can lead to compatibility issues, limiting market growth.
Major participants such as Kapsch TrafficCom AG, Cisco, SWARCO, Cubic Corporation, FLIR, Thales Group, General Electric Company, Huawei, IBM, TomTom International BV, PTV Group, Q-Free ASA, Siemens AG, Chevron and Transcore are among the major players operating in the global market.
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Polaris Market Research has segmented the Intelligent Traffic Management System Market report on the basis of Product, Components, and Region:
Intelligent Traffic Management System Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Integrated city traffic control
- Variable / dynamic message signs
- emergency response
- border control
- electronic toll
- Parking management
- Breach and measure
- Tunnel management
- Highway management
Intelligent Traffic Management System, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Traffic controllers and signaling
- Surveillance cameras
- Video walls
- 3D simulators
- Graphic workstation
- Detectors and sensors
- Other components
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